Significant Social Security Changes Affecting Seniors and Their Benefits
Social Security Updates Impacting Beneficiaries
Social Security changes are on the horizon this month, altering how money is calculated for numerous beneficiaries, particularly seniors. The Social Security Administration (SSA) is making significant updates to the Supplemental Security Income (SSI) program, which caters to children and adults with disabilities earning below a specific income threshold.
Changes to Support Calculations
Starting this month, the SSA will modify its policies regarding rental subsidies and the definition of public assistance households. Additionally, updates to food calculations could impact benefits for many SSI recipients. Previously, assistance from friends and family was included as part of the benefit calculations, but this will no longer be the case.
Potential Benefit Increases
These changes could mean an increase of around $131 for over 90,000 SSI recipients. Adjustments in how benefits are calculated hinge on precise definitions, which can broadly affect personal finance decisions for the elderly community.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.